The Wood Siding Market Size for Middle East and Africa has been estimated to be over $ 361.10 million in 2021 and the market is expected to record a CAGR of over 2.5% during the forecast period (2022-2027 ).
New York, March 18, 2022 (GLOBE NEWSWIRE) – Reportlinker.com announces the publication of the report “Wood Coatings Market in the Middle East and Africa – Growth, Trends, COVID-19 Impact and Forecasts (2021 – 2026)” – https : //www.reportlinker.com/p06241314/? utm_source = GNW
The market witnessed a slight decline in early 2020 due to the COVID-19 outbreak, which led to the blocking and delay in the construction of limited projects and activities. However, after lifting the lockdown, industries are expected to see a sharp rise within the average forecast period, which could, in turn, drive demand for this studied market in the future.
In the long run, the growing applications in the furniture sector and the growing construction industry in the Middle East region are driving the market studied.
On the other hand, growing concern about volatile material emissions is expected to hinder market growth.
The growing demand for UV hardening paints and the shift to water-based paints are expected to offer various profitable opportunities for market growth.
By country, Saudi Arabia is expected to dominate the market during the forecast period.
Main market trends
Growing demand from the furniture and fixtures segment
Wood coatings, thanks to their excellent adhesion, anticorrosive properties, increased durability on woods and aesthetic properties, are becoming an integral part of various commercial sectors.
Wood coatings are mainly used in furniture and fixtures. These coatings help protect furniture and cabinets from termites and fungal infections. In addition, they also protect them from moisture and mold growth. These coatings are UV curable and based on powder technology. They improve the appearance of the furniture and also extend their service life.
An increasing level of income of middle-class people, coupled with the growing demand for home furnishings and furniture, is expected to benefit the demand for wooden chairs, tables, beds, sofas, shelves, cabinets and others, thus fueling the growth of the wood paneling market.
According to real estate consultancy Knight Frank, the Saudi Arabian real estate market has experienced exponential growth, with residential mortgages increasing tenfold in the first half of 2021. Growing government initiatives in the residential and commercial construction sector are expected to increase the demand for furniture, to the advantage of the wood coatings market.
Growing construction activities in Egypt, such as the Lake West project which is expected to be completed in the first quarter of 2022 and ÉCLAT which is expected to be completed by May 2022, are expected to boost construction activities in the country. These projects are also expected to benefit the demand for furniture, thereby fueling the growth of the wood coatings market.
Therefore, it is expected that the above-mentioned trends will affect the demand for wood coatings in the market studied.
Saudi Arabia will dominate the market
Saudi Arabia is an oil-based economy with solid government control over all major economic activities.
Increasing investments in infrastructure and commercial construction in developing economies and the implementation of Building Information Modeling (BIM) are likely to increase demand for wood-based fiber-reinforced concrete furniture, doors and windows, decks, cabinets and others. , thus fueling the wood coatings market, in the forecast period.
The announcement of Vision 2030 and its National Transformation Plan (NTP) have increased investment in various sectors, such as healthcare and education, to support Saudi Arabia’s economic growth. The government has expansion plans for the development of social infrastructure in the country. Government and private investment in different sectors of the country is expected to lead to an increase in commercial building construction activities in the country.
Saudi Arabia is undertaking many residential and commercial projects, which are expected to increase construction activities in the country. Some of these projects are underway or in various stages of development, including a $ 500 billion mega-city futuristic “Neom” project, the Red Sea Project – Phase 1, which is expected to be completed by 2022, 14 luxury and hyper-luxury hotels that can include 3,000 rooms, in five islands and two inland resorts, Qiddiya Entertainment City (open by 2023), Amaala, the super-luxurious wellness tourism destination, Jean Nouvel’s Sharaan resort in Al -Ula (scheduled for completion in 2024), the Sakani Houses of the Ministry of Housing (90% completed as an upgrade in August 2021) and Jeddah Tower (under construction according to the update in November 2021). Such projects are likely to drive demand for wood furniture, decks, cabinets, windows, doors, and others.
Furthermore, in Saudi Arabia, according to the Riyadh Major Building Expo, the construction sector is poised for massive growth in the coming years, with 700 new projects set to launch in the coming months and expected to be completed by 2022.?
Therefore, the above-mentioned factors are expected to affect the wood coatings market in Saudi Arabia.
The wood coatings market in the Middle East and Africa is expected to be partially consolidated in nature. Major players in the market include National Paints Factory Co. Ltd., Ritver, AkzoNobel NV, MAS Paints, and PPG Industries Inc., among others
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